India's Tata Reduces Steel Prices

BOMBAY, India -- Tata Iron & Steel Co. cut its prices and said it won't revise them until March, bucking the current upward trend in global steel prices.

This and other price cuts follows the government's move Friday to cut import duties on nonalloy steel to 5% from 10% to help curb inflation. Fears of increased competition from imports led to a decline in domestic steel prices, dealers said.